Soaring Property Prices: 12 Months of Relentless Growth

Adelaide’s property market is showing no signs of slowing down, with home values rising for the 12th consecutive month. In January, Adelaide property prices increased by 1.1 per cent, cementing the city’s position as one of the strongest-performing markets in Australia.

According to CoreLogic, Adelaide’s median house value now stands at $774,969, while the median unit value sits at $490,313. Despite these increases, Adelaide remains more affordable than the national median dwelling value of $759,437.

Adelaide Leads National Growth Trends Adelaide’s consistent price growth has been a standout, with home values rising by more than 1 per cent month-on-month over the past eight months. This sustained growth is outpacing larger markets like Sydney and Melbourne, where price increases have been minimal or even negative.

CoreLogic’s head of residential research, Eliza Owen, predicts continued growth for the national housing market in 2024, though at a more moderate pace. However, Adelaide’s resilience suggests it may maintain stronger growth than some other capital cities.

Why Adelaide’s Market Is Booming Several factors are driving Adelaide’s property market surge:

• Strong demand and limited supply – A shortage of available properties is pushing prices higher.

• Relative affordability – Compared to cities like Sydney and Melbourne, Adelaide remains an attractive option for buyers seeking better value.

• Steady population growth – Migration into South Australia is contributing to increased housing demand.

Adelaide vs. Other Capital Cities While Perth led the nation with a 1.6 per cent price increase in January, Adelaide was not far behind, recording the second-highest monthly growth among all capital cities. Here’s how Adelaide compared:

• Perth: +1.6%

• Adelaide: +1.1%

• Brisbane: +1.0%

• Darwin: +0.3%

• Sydney: +0.2%

• Melbourne: -0.1%

• Canberra: -0.2%

• Hobart: -0.7%

Since the onset of COVID-19, Adelaide has experienced the highest growth in property values among Australian capitals, with a remarkable 53.7 per cent increase—surpassing even Brisbane’s 52 per cent rise.

Outlook for 2024 Experts anticipate continued growth in Adelaide’s property market, driven by high demand and expectations of interest rate cuts later in the year. While other major cities may see a slowdown, Adelaide’s unique market conditions suggest it will remain a top performer in the months ahead.

For buyers and investors, Adelaide presents a compelling opportunity, with strong growth trends and relatively affordable entry points compared to Australia’s eastern capitals. With the market showing no signs of cooling down, 2024 could be another big year for Adelaide real estate.